The 425,000-square-foot, ground-up development will complement CapRockâ€™s overall fund strategy; support surging demand from Orange County and the Inland EmpireÂ
Newport Beach, Calif. â€“ May 10, 2018 â€“ CapRock Partners, a Newport Beach, California-based industrial real estate investment and development firm, today announced its acquisition of approximately 23 acres that will accommodate a 425,000-square-foot-industrial business park in Norco, California. The property, strategically positioned in the Inland Empire West submarket, bolsters CapRockâ€™s development pipeline and will serve an overflowing demand for commercial delivery to Orange County and the proximate Norco and Corona communities.
The latest acquisition by CapRock Partners is consistent with the firmâ€™s last-mile logistics strategy, delivering three regional properties comprised of eight industrial buildings for a total of nearly 900,000 square feet. The properties include:
- Temescal Valley Commerce Center in Corona, which will deliver 140,000 square feet in Summer 2018 in a single building
- Serrano Business Park in Jurupa Valley, which will deliver 327,000 square feet in Q1 2019 in three buildings
- Norco Business Park in Norco, which will deliver 425,000 square feet in Q2 2019 in four buildings
The complementary properties will offer different building sizes and regional transportation focuses, and will cater to tenants from San Gabriel Valley, Orange County and the Inland Empire.
â€œThe Norco acquisition enhances CapRock Partnersâ€™ position in Southern California, where we are leveraging our successes with smaller-sized Class A developments for risk-adjusted investor returns,â€ said Jon Pharris, co-founder and president at CapRock Partners. â€œAs we secure property acquisitions in highly desirable submarkets, our expertise and trusted relationships enable us to develop best-in-class product while taking advantage of key geographic advantages for customers.â€
Located less than a mile from I-15 between the SR 91 and SR 60 freeways, Norco Business Park comprises four buildings with unit sizes ranging from 70,000 to 160,000 square feet. Building features include ample parking, 30-foot clear highs, two-story offices and ground-level loading doors.
â€œWith investor demand far exceeding supply, the City of Norco provides tremendous civic support for developing community businesses,â€ added Patrick Daniels, CEO at CapRock Partners. â€œIn concert, CapRock is pleased to add to workforce opportunities for residents that enhance the vibrant cultural, recreational and commercial resources that community members enjoy.â€
The City of Norco is well-recognized for its unique blend of advanced technology and dynamic equestrian community, which is a part of a $100 billion horse industry in America. Consistent with its celebrated Old West spirit and trademarked city moniker, â€œHorsetown, USA,â€ the property will be designed and developed to embrace the western feel of the local community. The Norco Business Park groundbreaking is scheduled for June 2018.
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, California-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms with a focus on middle-market, value-add industrial assets throughout the West, and Class A industrial buildings in California. The firm has acquired, developed or has in its pipeline approximately 11,000,000 square feet of industrial real estate to-date totaling more than $1.5 billion. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.